The Evolution of Money, Financial Institutions, and Monetary Economics

Towards a new approach to income distribution and enviromental sustainability

“…Like Galbraith (1975) and Niggle (1990), Douglas reviewed the origins of money and observed the financial mechanisms involved in its circulation, noting that the ways in which money enters the economy are crucial to the entire process of production, distribution and exchange. In a preindustrial economy, with low division of labour and single-stage production, money could function purely to facilitate exchange.…”

Alternative Ways of Financing Production

“…Following Niggle (1990), it is possible to observe the evolution of the debt-based money system in ve consecutive stages:…”

Towards the theory of monetary degradation, or Post Keynesian analysis of monetary problems of the Russian transitional economy in 1991–1998

“…The more developed financial system gives to financial institutions more rich possibilities to escape from the central bank control and to create more new kinds of money (Chick, 1992;Chick and Dow, 1988, P. 230-234;Dow et al, 2008;Niggle, 1990;1991). So the structure of money stock reflects the maturity of financial system and the ability of the economy to finance investment and economic growth.…”

“…The point is that such money implies "transparency" of payments (and, hence, transactions) for any "outside" agents. This statement is applied not only to "usual" checkable deposits, but also to new, "advanced" kinds of money and quasi-money (certificates on deposit, repurchase agreements etc), which are created by banks or nonbank financial institutions (and were described in the papers devoted to causes of money supply endogeneity : Chick, 1992;Niggle, 1990Niggle, , 1991Dow et al, 2008). Therefore monetary (or financial) evolution disturbs shadow activity, because it makes all transactions "transparent" for the statistical services and tax authorities.…”